Mica: Reform should include streamlining of fed regs

WASHINGTON (3/11/10)--Financial regulatory reform should include some "streamlining" of federal regulation to keep credit unions and other financial institutions out of the bog of repetitive regulations, but must also ensure credit unions continue to have their own regulator, Credit Union National Association (CUNA) President/CEO Dan Mica told a gathering of Washington insiders at the National Journal's "Power Breakfast" Wednesday.

Click to view larger image Regulatory reform legislation should place a premium on streamlining rules for credit unions and other financials, CUNA President/CEO Dan Mica remarked during a panel discussion on financial services reform. Considering Mica's comments are (from left) Bill Swindell of the daily newsletter Congress Daily; Jill Hershey of the Financial Services Roundtable; Camden Fine, president and CEO of the Independent Community Bankers of America; and, on Mica's left, Travis Plunkett of the Consumer Federation of America.
Mica also addressed the need for balance in financial regulatory reform, saying that one of the greatest potential roadblocks to legislative progress would likely be the "politics of the day." However, the CUNA leader added, if the financial reform legislation simply piles on "a whole new set of regulations," Congress and the legislation itself will "hit a major roadblock" in Washington.

Mica made his points while speaking as a participant on one of two panels during a forum focusing on financial regulatory reform sponsored by the National Journal publishing group. Mica's panel was made up of representatives of advocacy groups on all sides of financial regulatory reform: The Independent Community Bankers Association, the Financial Services Roundtable, the Consumer Federation of America, and CUNA.

In the first panel of the program, two key players in Senate financial regulatory reform, Sens. Mark Warner (D-Va.) and Bob Corker (R-Tenn.), shared some insight into the mechanics of crafting a Senate bill. Both have been instrumental in the bill taking form in the Senate Banking Committee, where they have seats. Corker said the new legislation must give regulators the authority needed to address financial issues, regardless of which body is doing the overseeing. He also said that the Senate's version of reform legislation, which is expected to be released soon, is well balanced.

The sold out event was covered by Fox Business Channel and Bloomberg TV.

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